Business
Weatherford Announces Second Quarter 2022 Results and Raises Full-Year Outlook
Full-year revenue outlook increased to mid-teens growth year-over-yearSecond quarter revenues of $1,064 million increased 13% sequentially, led by strong
About this update from Weatherford International Plc
[{"type":"text","content":"Full-year revenue outlook increased to mid-teens growth year-over-yearSecond quarter revenues of $1,064 million increased 13% sequentially, led by strong international growth of 14%Operating income was $104 million, compared to $18 million in the first quarter of 2022 and adjusted EBITDA[1] was $186 million or a 17.5% adjusted EBITDA margin, a sequential increase of 23%, a 140 basis points adjusted EBITDA margin rate expansionNet cash provided by operating activities was $60 million and free cash flow[1] was $59 million, driven by improved collections efficiencyIssued a notice of election to redeem $50 million of our 11% senior unsecured notesJoined the broad-market Russell 3000® Index, effective June 27, 2022HOUSTON, July 27, 2022 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) (\"Weatherford\" or the \"Company\") announced today its results for the second quarter of 2022.\nRevenues for the second quarter of 2022 were $1,064 million, an increase of 13% sequentially and 18% year-over-year. Operating income was $104 million in the second quarter of 2022, compared to $18 million in the first quarter of 2022 and $25 million in the second quarter of 2021. The Company's second quarter of 2022 net income was $6 million, compared to a net loss of $80 million in the first quarter of 2022 and a net loss of $78 million in the second quarter of 2021. Tax expense in the second quarter of 2022 included a $27 million recognition of a benefit from certain previously uncertain tax positions.\nSecond quarter 2022 cash flows provided by operations were $60 million, compared to cash flows used in operations of $64 million in the first quarter of 2022 and cash flows provided by operations of $46 million in the second quarter of 2021. Capital expenditures were $24 million in the second quarter of 2022, compared to $20 million in the first quarter of 2022 and $9 million in the second quarter of 2021.\nAdjusted EBITDA[1] was $186 million, an increase of 23% sequentially and 37% year-over-yearFree cash flow[1] was $59 million, an increase of $123 million sequentially and $11 million year-over-yearOther (credits) charges was a net credit of $14 million, primarily related to the gain on sale of assets related to our fulfillment initiatives and collections of previously impaired receivablesGirish Saligram, President and Chief Executive Office...